Local lawmaker’s add-in will help payday loan providers skirt town certification costs, advocates state

A bunch from Faith Voices of Southwest Missouri plus the the indegent’s Campaign protest payday advances outside Historic City Hall before a town council conference on Monday. (Picture: Nathan Papes/News-Leader)

After many years of debate, the Springfield City Council voted Monday to impose brand new laws on payday loan providers whose high interest levels can make a “debt trap” for hopeless borrowers.

Among the list of features was an agenda to impose $5,000 licensing that is annual susceptible to voter approval in August, that will get toward enforcing the town’s guidelines, assisting individuals with debt and supplying options to short-term loans.

But Republican lawmakers in Jefferson City might have other tips.

Doing his thing earlier in the day Monday, Rep. Curtis Trent, R-Springfield, included language up to a banking bill that lawyers, advocates and town leaders state would shield lots of payday lenders from costs targeting their industry.

The bill passed the home that day and cruised through the Senate the following. Every Greene County lawmaker in attendance voted in benefit except House Minority Leader Crystal Quade, D-Springfield. It really is now on Gov. Mike Parson’s desk for last approval.

Trent’s language particularly states neighborhood governments aren’t permitted to impose costs on “conventional installment loan lenders” if the charges are not essential of other finance institutions controlled because of hawaii, including chartered banking institutions.

Curtis Trent (picture: file picture)

Trent along with other Republican lawmakers stated which had nothing at all to do with payday lenders, arguing that “conventional installment loan companies” will vary.

“There’s nothing to avoid the town from placing an ordinance on the payday loan providers,” Trent stated in an meeting Thursday. “It wasn’t the intent to get rid of the town’s ordinance and I also do not expect it is the result.”

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